The Consumer Financial Protection Bureau’s (CFPB) recent settlement with a payday lender charged with harassing borrowers and mishandling credit report data exemplified the difference in the agency’s mentality under Mick Mulvaney’s leadership as opposed to Richard Cordray’s.
Goodwin Law Partner Anthony Alexis, former assistant director and head of enforcement at the CFPB, referenced multiple guidance materials outlining theories for prosecuting business organizations while explaining to Dodd Frank Update the circumstances under which companies typically see reduced penalties.
Find out more details about the case and the bureau’s decision to drop certain charges.